- Former President Donald Trump called Citadel (CG) CEO Ken Griffin an 'amazing businessman' in a recent statement, signaling a shift in their relationship.
- Griffin, a major Republican donor who backed Trump's rivals in the primaries, has been a key figure in hedge fund and market-making circles.
- The comment comes as Citadel and Citadel Securities (GRFS) continue to expand, with record profits and market share gains.
Trump's Unexpected Praise
In a surprising move, former President Donald Trump lauded Ken Griffin, founder and CEO of Citadel, as an 'amazing businessman' during a phone interview with Bloomberg on Thursday (AMZN). The comment marks a departure from previous tensions between the two, as Griffin supported Florida Governor Ron DeSantis and other Republican candidates over Trump in the 2024 primaries. Trump's praise was brief but notable, and attempts to reach Griffin for comment were unsuccessful.
Citadel's Financial Strength
Griffin's Citadel has had a stellar year, with its flagship Wellington fund returning 15% net of fees in the first half of 2024, according to people familiar with the matter. The hedge fund now manages over $60 billion in assets, while Citadel Securities—a market-making giant—has captured roughly 25% of U.S. equity trading volume. This performance underscores Griffin's status as a titan of finance, even as political dynamics shift.
Political and Market Implications
Griffin has been a prolific donor, contributing over $100 million to Republican candidates and causes in recent cycles, but he has often clashed with Trump's rhetoric on trade and tariffs. The former president's olive branch may signal an attempt to mend fences ahead of the 2025 election cycle, though Griffin has not publicly endorsed him. Market observers are watching for any policy signals, as Griffin's views on deregulation and tax cuts align with Trump's agenda.
Correction: An earlier version of this article misstated the timing of the interview. It took place on Thursday, not Wednesday.